Hydrogen will attract more than 200 Billion Dollars

The renewable energy sector has been sizzling off Wall Street lately with very bullish - and a few bearish - forecasts. Solar stocks in particular have turned the lights out as a Biden presidency is increasingly viewed as a big win for clean energy. However, one corner of the market has really taken over the limelight: the hydrogen sector. From a pariah on Wall Street burdened with too many challenges to become a practical source of energy in our lifetimes, even giant utility companies like Nextera Energy (NYSE: NEE) and Dominion Energy (NYSE: D) are suddenly very ambitious Hydrogen roadmaps designed.

Bank of America says hydrogen could meet our huge energy needs, fuel our cars, heat our homes, and also help fight climate change. According to the BAC, we have come to the point where it is a matter of using this element effectively and economically, and the BAC predicts that the hydrogen market will reach $ 11 trillion by 2050. It is no surprise, then, that the hydrogen boom should give renewables a significant boost in a virtuous cycle of sorts by creating significant investment opportunities in solar and wind power, the scaling of which could lower hydrogen production costs even further.

BNP Paribas Asset Management's chief sustainability strategist, Mark Lewis, told CNBC that green energy development will create the greatest investment opportunities in renewable energy, not hydrogen infrastructure, as we might be tempted to think. Numerous global energy heavyweights, including BP, Siemens Energy, Repsol and Orsted, have already set out their green hydrogen strategies.

US-based Plug Power (Nasdaq: PLUG) has signed an agreement with Apex Clean Energy to develop a green hydrogen network with wind power that offers the opportunity to tap into "very affordable" renewable energy and accelerate the transition to clean energy . Plug has set itself the goal of generating more than 50% of its hydrogen supply from renewable resources by 2024.